If your business wants to accept credit card payment, then picking a good and reliable company that can do merchant account processing is of paramount importance. The following are a few criteria that you need to look at when choosing such a credit card payment processing service.
- Evaluate the average approval rating. This refers to the approval rate, the speed with which they process the application and how much it costs. You stand a better chance of being approved if the company has a high approval rate.
- Understand the fee structure. Competitive and established companies will charge you a very low rate. They also communicate better with you about their rates/fees/costs as they will not want to hide anything from you. They will also have a very low fee to start up the service and establish the payment gateway.
- Get a quick start. An established company can get you under way in a few days. Some even offer a one-day service, where the application is processed and the account is set up.
- Look for good customer service. The company should be contactable on a 24 hour basis throughout the whole year. Not only that, they should have multiple ways of being contacted. This includes telephone, email, IM, fax, etc. They should also respond to you immediately.
- Get online. Most companies now offer different types of virtual terminals. This also includes an online merchant account as well as a payment gateway. Having this feature will be very beneficial for you.
- Options on POS. The company should offer you a variety of options on the types of Point Of Sales equipment that you can use. Depending on how your business operates (e.g. mobile sales centers) this can be of extreme value.